Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-3182023-01-01falseNo description of principal activity7truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06036779 2023-01-01 2023-12-31 06036779 2022-01-01 2022-12-31 06036779 2023-12-31 06036779 2022-12-31 06036779 c:Director1 2023-01-01 2023-12-31 06036779 d:Buildings 2023-12-31 06036779 d:Buildings 2022-12-31 06036779 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06036779 d:PlantMachinery 2023-01-01 2023-12-31 06036779 d:MotorVehicles 2023-01-01 2023-12-31 06036779 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06036779 d:OtherPropertyPlantEquipment 2023-12-31 06036779 d:OtherPropertyPlantEquipment 2022-12-31 06036779 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06036779 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06036779 d:CurrentFinancialInstruments 2023-12-31 06036779 d:CurrentFinancialInstruments 2022-12-31 06036779 d:Non-currentFinancialInstruments 2023-12-31 06036779 d:Non-currentFinancialInstruments 2022-12-31 06036779 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06036779 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06036779 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06036779 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06036779 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 06036779 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 06036779 d:ShareCapital 2023-12-31 06036779 d:ShareCapital 2022-12-31 06036779 d:RetainedEarningsAccumulatedLosses 2023-12-31 06036779 d:RetainedEarningsAccumulatedLosses 2022-12-31 06036779 c:FRS102 2023-01-01 2023-12-31 06036779 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06036779 c:FullAccounts 2023-01-01 2023-12-31 06036779 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06036779 d:WithinOneYear 2023-12-31 06036779 d:WithinOneYear 2022-12-31 06036779 d:BetweenOneFiveYears 2023-12-31 06036779 d:BetweenOneFiveYears 2022-12-31 06036779 6 2023-01-01 2023-12-31 06036779 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06036779 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06036779 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 06036779









SPENCER'S CAR SALES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SPENCER'S CAR SALES LIMITED
REGISTERED NUMBER: 06036779

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
41,660
50,329

Investments
 5 
8,869
8,869

  
50,529
59,198

Current assets
  

Stocks
  
928,691
911,824

Debtors: amounts falling due within one year
 6 
121,578
187,365

Cash at bank and in hand
  
139,146
55,990

  
1,189,415
1,155,179

Creditors: amounts falling due within one year
 7 
(933,048)
(735,600)

Net current assets
  
 
 
256,367
 
 
419,579

Total assets less current liabilities
  
306,896
478,777

Creditors: amounts falling due after more than one year
 8 
(26,667)
(46,667)

Provisions for liabilities
  

Deferred tax
 10 
-
(987)

Net assets
  
280,229
431,123


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
280,129
431,023

  
280,229
431,123


Page 1

 
SPENCER'S CAR SALES LIMITED
REGISTERED NUMBER: 06036779

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2024.



S W Gray
Director

Page 2

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Spencer's Car Sales Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 06036779.  The registered office is 6 Central Avenue, St Andrews Business Park, Thorpe St Andrew, Norwich, Norfolk, NR7 0HR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Leasehold buildings
-
5%
straight line

 
2.4

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment.
Gains and losses on remeasurement are recognised in the profit or loss for the period.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 3

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 8).

Page 4

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
70,993
18,679
89,672



At 31 December 2023

70,993
18,679
89,672



Depreciation


At 1 January 2023
26,945
12,398
39,343


Charge for the year on owned assets
7,099
1,570
8,669



At 31 December 2023

34,044
13,968
48,012



Net book value



At 31 December 2023
36,949
4,711
41,660



At 31 December 2022
44,048
6,281
50,329


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 January 2023
8,869



At 31 December 2023
8,869





6.


Debtors

2023
2022
£
£


Trade debtors
69,749
50,217

Amounts owed by group undertakings
27,163
112,163

Other debtors
10,436
9,250

Prepayments and accrued income
14,230
15,735

121,578
187,365


Page 5

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
20,000
20,000

Other loans
668,314
458,684

Trade creditors
127,781
122,132

Amounts owed to group undertakings
45,564
53,706

Corporation tax
-
9,645

Other taxation and social security
10,976
26,445

Other creditors
50,146
36,235

Accruals and deferred income
10,267
8,753

933,048
735,600


The following liabilities were secured:

2023
2022
£
£



Other loans
668,314
458,684

Details of security provided:

Other loans amounting to £668,314 (2022: £458,684) represent finance for vehicle stock and are secured on the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
26,667
46,667


Page 6

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
20,000
20,000

Other loans
668,314
458,684

688,314
478,684

Amounts falling due 1-2 years

Bank loans
26,667
46,667



714,981
525,351



10.


Deferred taxation




2023


£






At beginning of year
987


Charged to profit or loss
(987)



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
987


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,251 (2022 - £4,479). Contributions totalling £1,704 (2022 - £2,493) were payable to the fund at the balance sheet date.

Page 7

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
56,030
56,030

Later than 1 year and not later than 5 years
88,714
144,745

144,744
200,775


13.


Controlling party

The parent company is SRN Enterprises Limited whose registered office and principal place of business is 7 The Close, Norwich, NR1 4DJ.
The ultimate controlling party is Spencer Gray.


Page 8